Etsy downgraded to Perform from Outperform at Oppenheimer

Oppenheimer downgraded Etsy to Perform from Outperform without a price target. The analyst cites a lack of catalysts and the 16% increase in the shares since July 8 for the downgrade. While Etsy reported Q2 results ahead of guidance on higher take-rate, weaker Q3 guidance and removal of the fiscal year merchandise sales outlook suggest no near-term visibility, the analyst tells investors in a research note. Separately, the company’s initiatives around gifting, seller classification, and mobile app focus will not impact fiscal 2024 results, adds the firm.